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Recently during a conversation I was corrected by one of the clients when I used the word 'firm' to refer to his...firm/organization/company which is basically an international bank.
The sentence was : " has mr. X left the firm?"
He corrected me : " Organization."
until now I was using these words interchangeably... can somebody put some light on the differences between the two and their usage.
Not all organizations are firms. For example a book-lovers' club is an organization but not a firm. "Firm" is just a synonym for "company"--a business enterprise. So you were right to call his bank a firm. He was also right to call it an organization, but was wrong to think that his organization wasn't a firm. But the two terms aren't interchangeable, as you believed.
Firm; (is related to the partnership)sole proprietorship. Organization "(related to the non profit organization and it is for large scale
An organization is much wider term. It could refer to business enterprise as well as to non-business, such as a charity, a social club among others. It could also be governmental versus the NGO's. Finally, a business entity -one type of organizations as referred above- could be a company or a firm. From my career life and experience, a firm is referred to professional bureaus offering special type of services, such as legal consultancy, accounting & audit services, management & financial advisory etc.
A firm makes up an organization A firm is said to b an inter related part of an organization that works hand in hand to achieve the goal of d organization (Goal of an organization is profit making).
